Toronto stocks rise in wake of soaring RIM

Fri Dec 21, 2007 9:54am EST
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TORONTO Dec 21 (Reuters) - After a brief drop at the start, the Toronto Stock Exchange's main index bounced up more than 70 points on Friday morning, taking a cue from Research In Motion RIM.TO, which was upgraded by analysts after it reported expectation-beating profits.

The maker of the popular BlackBerry said third-quarter profit more than doubled. Its stock -- one of the heaviest on the TSX index -- shot up C$12.24 to C$118.76.

Overall, the S&P/TSX composite index .GSPTSE rose 74.62 points, or 0.6 percent, to 13,481.63, with only three of its 10 main sectors in positive territory.

The tech group surged 3 percent, materials added 1.6 percent and consumer staples was up 0.3 percent. Gold firms were also higher on the back of rising bullion prices.

Barrick Gold ABX.TO was up 98 Canadian cents at C$38.38 and Goldcorp G.TO gained 84 Canadian cents to C$31.71.

($1=$1 Canadian) (Reporting by Jonathan Spicer; Editing by Scott Anderson)